Central Bank Independence and Monetary Control

  title={Central Bank Independence and Monetary Control},
  author={A. Cukierman},
  journal={The Economic Journal},
  • A. Cukierman
  • Published 1994
  • Economics
  • The Economic Journal
  • ing from details, these conclusions imply that inflation is lower the higher is CBI and that, given independence, countries that pre-announce monetary policy have even lower rates of inflation. Furthermore, there is no evidence that CBI retards growth or investment. As a matter of fact, for LDCs, the evidence points in the opposite direction. Low independence is associated with lower growth and investment. Some economists feel that excessive independence may interfere with the potential… CONTINUE READING
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